A CONSORTIUM including real estate firm Perennial Real Estate Holdings will be acquiring the former Big Box property in Jurong East for S$118 million, drawing on the Jurong Lake District's potential as the upcoming second central business district.

Over S$70 million is expected to be doled out to redevelop the former Big Box site into a business park named Perennial Business City, marking Perennial's foray into the asset class, it said.

Perennial, through its wholly-owned subsidiary PRE 15, had exercised the call option under a put and call option agreement previously signed with the receivers and managers of Big Box Pte Ltd.